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People who work in risk management must serve as experts and help their peers in other departments use the best techniques to manage risk. As well, they must be capable of owning and managing specific strategic risks to the organization.

Goals of Risk Management

The goals of risk management, include:

Defining the risk management framework

Identifying risks

Assessing risks

Addressing risks

Measuring and monitoring risks

Serving as a center of excellence to help other departments

Risk Management at the center of GRC

The role of Risk Management in GRC is more than just the "R" in the acronym.

The people who lead risk management must be experts who not only manage assigned risk areas, but also serve as a center of excellence for other departments to help effectively address risks across the organization.

Role of Others in Risk Management

Other GRC disciplines play a role in Risk Management.

It is essential that people who are not specifically charged with risk management also understand what their colleagues who work in risk management actually need.

This includes knowledge about:

Risk management concepts and frameworks

Ways to measure and report risk so that the c-suite and board can make better decisions

Risk Management is at the heart of GRC and Principled Performance

Get a 100-page guide that spells out (almost) everything you need to know about risk and risk management